CG Power-led venture to set up semiconductor facility in India

CG Power and Industrial Solutions has entered into a joint venture (JV) agreement with Renesas Electronics America and Thailand-based Stars Microelectronics to set up a semiconductor assembly and testing plant in India, the company said in an exchange filing on Friday. CG Power, Renesas and Stars are to invest, in one or more tranches of up to $205 million, $15 million and $2 million, respectively, as equity capital of the JV, which will represent around 92.34 per cent, 6.76 per cent and 0.9 per cent, respectively, the exchange filing stated.